Hazard ahead: Are cuts at Tesla a warning sign for the EV market in Canada?
CTV
Tesla has hit a series of roadblocks, including increased competition and declining sales. The company announced Monday it is slashing 10 per cent of its global workforce.
To many Tesla drivers, their electric vehicles are still ahead of the curve.
Eric Rondeau is the vice-president of government affairs at Club Tesla Quebec, a group of owners and enthusiasts aiming to boost electrification and raise awareness about the benefits of electric vehicles (EVs). He bought his first Tesla more than a decade ago.
"Even the car itself keeps evolving by software updates," Rondeau said in an interview with CTV News. "This is quite unique. Some other manufacturers still haven't gotten there."
The EV maker, though, is facing some headwinds, along with the industry as a whole.
Tesla announced Monday it is slashing 10 per cent of its global workforce, a deep cut for what once seemed like an unstoppable company.
"Cost cutting is one thing; the magnitude of the cuts is troubling," says analyst Daniel Ives of Wedbush Securities, a wealth management, brokerage and advisory firm.
Tesla has hit a series of roadblocks, including increased competition and declining sales. It delivered 387,000 cars worldwide in the first quarter of 2024, marking an 8.5 per cent drop compared to the same period last year.
